Weekly Outlook for Nifty & Bank Nifty Spot for 09th to 13th May

NIFTY

This week Nifty spot went down 171 points over last weeks close and finally ended the week with a loss of around 116 points compared to last weekly closing 

Last week we had mentioned that long positions in Nifty can be taken above 7889 and short positions can be taken below 7811 . Nifty made a high of 7890.25 and low of 7678.35 for the week. This week Nifty triggered a short call on Tuesday and completed 4 targets and more on the short side giving us nearly 133 points from our short trade.  

In the coming week Nifty spot needs to break and sustain above 7796 to confirm uptrend and then one can expect a move till 7862 initially and breaking and sustaining above 7879 will give further confirmation for the next move which can take us till 7998. Similarly Nifty spot needs to break and sustain below 7671 to confirm downtrend and then one can expect a move till 7605 initially and breaking and sustaining below 7588 will give further confirmation for the next move which can take us till 7469.

Nifty Spot Levels for the week are

Long above 7772 , Tgt  7796 - 7815 - 7834

IF Nifty spot manages to get a close / sustain above 7862 then ,

long again for 7879 - 7935 - 7998

Short below 7695 , Tgt 7671 - 7652 - 7632

IF Nifty spot manages to get a close / sustain below 7605 then, 

short again for 7588 - 7531 - 7469

BANK NIFTY

This week Bank Nifty spot went down 609 points over last weeks close and finally ended the week with a loss of 498 points compared to last weekly closing  

Last week we had mentioned that long positions in Bank Nifty can be taken above 16895 and short positions can be taken below 16695 spot . Bank Nifty made a high of 16719.40 and a low of 16186.25 . This week Bank Nifty triggered a short call on Monday and completed nearly all our 6 targets on the short side giving around 500 points . Bank Nifty took support just above our last target level of 16108 at near 16186 for this week so far  . 

In the coming week Bank Nifty spot needs to break and sustain above 16456 to confirm uptrend and then one can expect a move till 16625 initially and breaking and sustaining above 16667 will give further confirmation of the next move which can take us till 16972 . Similarly sustaining or closing below 16137 can make Bank Nifty test lower levels till 15969 initially and breaking and sustaining below 15926 will give further confirmation of the next move which can take us down till 15621.

Bank Nifty Spot Levels for the week are

Long above 16395 , Tgt 16456 - 16505 - 16555

IF Bank Nifty spot manages to get a close / sustain above 16625 then 

long again for 16667 - 16813 - 16972

Short below 16198 , Tgt 16137 - 16088 - 16039

IF Bank Nifty spot manages to get a close / sustain below 15969 then 

short again for 15926 - 15781 - 15621

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

To view my initial previous posts of 2015 kindly go to :-

  https://simplytradestocks.wordpress.com